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☆ Attack is the best market defense in international competition, ECB's Christine Lagarde says
▼ + stars: | 2024-01-19 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

President of the European Central Bank (ECB) Christine Lagarde attends a session on the closing day of the World Economic Forum (WEF) annual meeting in Davos, on January 19, 2024. Being strong means having a strong, deep market. Europe faces an uncertain future in its relationship with its closest international ally, following the U.S. vote. With that in mind, Lagarde said Europe should invest more in its capital markets in order to fund investments, such as, for instance, in the green transition. "Our competitive disadvantage compared to the U.S. is not subsidies but the function of our private capital market."

Persons: Christine Lagarde, Lagarde, Joe Biden, —, Donald Trump, Christian Linder, Linder Organizations: European Central Bank, Economic, Republican, German Finance Locations: Davos, Europe, U.S, United States

DAVOS, Switzerland — OpenAI founder and CEO Sam Altman said generative artificial intelligence as a sector, and the U.S. as a country are both "going to be fine" no matter who wins the presidential election later this year. Altman was responding to a question on Donald Trump's resounding victory at the Iowa caucus and the public being "confronted with the reality of this upcoming election." "I believe that America is gonna be fine, no matter what happens in this election. Trump won the Iowa Republican caucus in a landslide on Monday, setting a new record for the Iowa race with a 30-point lead over his closest rival. When asked whether there's a danger that AI furthers that hurt, Altman responded, "Yes, for sure."

Persons: Switzerland —, Sam Altman, Altman, Donald Trump's, We're, what's, Trump, we've, we're, Anna Makanju Organizations: Iowa, Bloomberg, Economic, Trump, Iowa Republican Locations: DAVOS, Switzerland, America, Davos, Iowa, San Francisco, OpenAI

☆ Ben Smith on 2024 Davos takeaway: An attempt to walk away from 'a progressive political posture'
▼ + stars: | 2024-01-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBen Smith on 2024 Davos takeaway: An attempt to walk away from 'a progressive political posture'Semafor co-founder and editor-in-chief Ben Smith joins 'Squawk Box' to discuss the 2024 World Economic Forum in Davos, Switzerland, key takeaways this week, and more.

Persons: Ben Smith Locations: Davos, Switzerland

☆ Watch CNBC's full interview with Hungarian President Katalin Novák
▼ + stars: | 2024-01-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Hungarian President Katalin NovákSpeaking to CNBC at the World Economic Forum in Davos, Switzerland, Hungarian President Katalin Novák discusses EU relations, the Russia-Ukraine war and demographics in her country.

Persons: Katalin, Katalin Novák Organizations: CNBC, Economic Locations: Davos, Switzerland, Hungarian, Russia, Ukraine

☆ Google DeepMind cofounder says AI can act like an entrepreneur and inventor in the next five years
▼ + stars: | 2024-01-18 | by ( Aaron Mok | ) www.businessinsider.com time to read: +3 min

Read previewMustafa Suleyman, the cofounder of DeepMind, Google's AI division, says that AI will be able to create and run its own business within the next five years. During a Thursday panel on AI at the 2024 World Economic Forum, the now-CEO of Inflection AI was asked how long it would take for AI to pass an exam akin to the Turing test. He seems to believe that AI will be able to exhibit those business-savvy capabilities before 2030— and inexpensively. Earlier this week, Suleyman told CNBC at Davos that AI is a "fundamentally labor-replacing" tool in the long term. Advertisement"It will be able to reason over your day, help you prioritize your time, help you invent, be much more creative," Suleyman told CNBC.

Persons: —, Mustafa Suleyman, Turing, Suleyman, Suleyman didn't Organizations: Service, Business, CNBC, Davos Locations: Davos, Switzerland

☆ Zelenskyy says he owes a 'big shoutout' to the makers of the Patriot, which Ukraine says has been killing Russia's supposedly unbeatable missiles
▼ + stars: | 2024-01-18 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +3 min

Read previewUkrainian President Volodymyr Zelenskyy this week name-checked the surface-to-air missile system that has given Ukraine a fighting edge against Russia's purportedly invincible weapons systems in recent months. AdvertisementBut the Ukrainian president specifically heralded the American-provided Patriots as the "most powerful" weapons system "in the world today." He added that the Ukrainian battlefield has proven to be the true test for the Patriot systems in action. A military analyst told Newsweek last year that the Ukrainians have used the Patriot missile systems in ways that have even surprised the Pentagon. Zelenskyy had long been requesting the US to send the missile systems.

Persons: —, Volodymyr Zelenskyy, Russia's, Zelenskyy, Kinzhals, Vladimir Putin, Zelenskky, Nicholas Carlson Organizations: Service, Business, Economic, Russian Federation, Patriots, Western Patriots, Russia's, Newsweek, Patriot, Pentagon, The New York Times, Ukraine, NATO Locations: Ukraine, Davos, Russian, Russia, Congress, Germany, Netherlands, Romania, Spain

☆ Netanyahu rebuffs U.S. calls to start working toward Palestinian statehood.
▼ + stars: | 2024-01-18 | by ( Aaron Boxerman | ) www.nytimes.com time to read: +3 min

Prime Minister Benjamin Netanyahu of Israel on Thursday appeared to rule out a postwar peace process that would lead to the establishment of a sovereign Palestinian state, rebuffing calls from the United States to start working toward that ultimate goal. President Biden and his top diplomat, Antony J. Blinken, have urged Israeli officials to move toward the eventual establishment of a Palestinian state. But Israeli officials have repeatedly dismissed such calls, saying they are focused on the war in Gaza. On Thursday, Mr. Netanyahu told reporters he had rebuffed the latest exhortations. “I told this truth to our friends, the Americans, and I also blocked the attempt to impose a reality that would harm Israel’s security,” Mr. Netanyahu said.

Persons: Benjamin Netanyahu, Israel, Jordan, ” Mr, Netanyahu, ”, Biden, Antony J, “, Mr, Isaac Herzog, —, ’, Herzog, ” Matthew Miller Organizations: “, Biden, ” Palestinian Authority, West Bank, Economic, State Department, United Locations: Palestinian, United States, Israel, Gaza, ”, Davos, Switzerland, “, Iran

☆ Watch CNBC's full interview with Barclays CEO C. S. Venkatakrishnan
▼ + stars: | 2024-01-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Barclays CEO C. S. VenkatakrishnanSpeaking to CNBC at the World Economic Forum in Davos, Switzerland, Barclays CEO C. S. Venkatakrishnan discusses the bank, the industry more broadly, the outlook for interest rates and more.

Persons: Venkatakrishnan Organizations: Barclays, CNBC, Economic Locations: Davos, Switzerland

☆ Pushback against Trump plays into the hands of the Chinese, Austria minister says
▼ + stars: | 2024-01-18 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Republican presidential candidate and former U.S. President Donald Trump gestures during a campaign rally ahead of the New Hampshire primary election, in Atkinson, New Hampshire, U.S. January 16, 2024. Davos, SWITZERLAND — Liberal pushback against a likely highly divisive U.S. election will play into the hands of the Chinese, Austria's Minister for Foreign Affairs, Alexander Schallenberg, said Thursday. "They treat democracy as a weakness, making us slower, making us more cumbersome. A spokesperson for the Chinese embassy in the U.K. wasn't immediately available for comment when contacted by CNBC. Trump, for his part, was considered highly skeptical of China during his time in office, opting for a protectionist approach.

Persons: Donald Trump, Alexander Schallenberg, Schallenberg, CNBC's Silvia Amaro, Trump, Biden Organizations: New, Liberal, Foreign Affairs, CNBC, Economic, wasn't, Republican Locations: New Hampshire, Atkinson , New Hampshire, U.S, Davos, SWITZERLAND, Switzerland, China

☆ She started as a flight attendant at age 20. Now, she's just been named Japan Airlines' first female president.
▼ + stars: | 2024-01-18 | by ( Marielle Descalsota | ) www.businessinsider.com time to read: +2 min

Japan Airlines named a woman as president for the first time in its history. AdvertisementThe new president of Japan Airlines is the first woman to helm the top job at the company, the airline announced in a statement on Wednesday. Related storiesTottori will replace Yuji Akasaka, the airline's president since June 2018, per Akasaka's company profile. Two weeks before Tottori's promotion, a Japan Airlines A350 plane collided with a Japan Coast Guard aircraft at Haneda Airport in Tokyo. Japan Airlines did not immediately respond to a request for comment from Business Insider.

Persons: Mitsuko Tottori, —, Yuji Akasaka, Joanna Geraghty Organizations: Japan Airlines, JAL, JetBlue, Service, US, Reuters, Japan Coast Guard, Mainichi, Business Locations: Tottori, Japan, Tokyo

☆ Davos: AI shouldn’t make ‘life-or-death’ decisions, says OpenAI’s Sam Altman
▼ + stars: | 2024-01-18 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

But there are also dystopian fears that AI could destroy humanity or, at least, lead to widespread job losses. He said people had found ways to make themselves more productive using generative AI and they also understood “what not to use it for.” Generative AI gives humans “better tools” and “access to a lot more capability” but “we’re still very focused on each other,” he added. In a report Sunday, the International Monetary Fund predicted that AI will affect almost 40% of jobs around the world, “replacing some and complementing others,” but potentially worsening income inequality overall. Notwithstanding optimism over the technology’s potential, both Benioff and Altman stressed the need for regulating AI systems to guard against some of the potential existential threats posed by the technology. “I think it’s good that people are afraid of the downsides of this technology,” Altman said.

Persons: OpenAI’s Sam Altmann, ChatGPT, Altman, “, Marc Benioff, ” Altman, OpenAI —, ”, Olesya Dmitracova Organizations: London CNN, Economic, International Monetary Fund, New York Times Locations: Switzerland, Davos, Milan

Sam Altman, CEO of OpenAI, at the Hope Global Forums annual meeting in Atlanta on Dec. 11, 2023. DAVOS, Switzerland — Sam Altman said he was 'surprised' by The New York Times' lawsuit against his company OpenAI, saying its artificial intelligence models didn't need to train on the news publisher's data. According to Altman, OpenAI wanted to pay the outlet "a lot of money to display their content" in ChatGPT, the firm's popular AI chatbot. "We were as surprised as anybody else to read that they were suing us in the New York Times. "We are open to training [AI] on the New York Times, but it's not our priority," Altman said in front of a packed Davos crowd.

Persons: Sam Altman, Altman, OpenAI, isn't, it's, ChatGPT Organizations: Hope, The New York Times, New York Times, Economic, Microsoft Locations: Atlanta, DAVOS, Switzerland, ChatGPT, Davos

☆ Israel's ban on Palestinian workers is causing supply shocks to its economy: central bank governor
▼ + stars: | 2024-01-18 | by ( Natasha Turak | ) www.cnbc.com time to read: +3 min

"And it's primarily in the construction industry where ... a third of that industry is Palestinians from the West Bank, and now they're not coming in to work." "It's also affecting agriculture, where they are in, and there are other foreign workers," Yaron said. watch nowThe ban on most of these workers returning to their employment in Israel has dramatically hurt the economy of the West Bank. In late December, Israel's finance ministry warned that the ban on Palestinian workers could cost Israel's economy billions of shekels per month. Fifty percent of the sites are closed and there is an impact on Israel's economy and the housing market."

Persons: Amir Yaron, Kobi Wolf, CNBC's Dan Murphy, Yaron, Raul Sargo Organizations: Bank of Israel, Bloomberg, Getty, Economic, West Bank, Israel, Times, Israel Builders Association Locations: Jerusalem, Israel, Davos, Gaza, Times of Israel, Thailand

☆ Davos puts Climate on the Back Burner
▼ + stars: | 2024-01-18 | by ( David Gelles | More About David Gelles | ) www.nytimes.com time to read: 1 min

Here at the World Economic Forum in Davos, the most revealing discussions often happen not on the main stage, but at the myriad side events that transform this Swiss ski town into a high-minded networking event. Case in point: the annual luncheon hosted by Salesforce chief executive Marc Benioff, who is plowing some of his personal fortune into efforts to plant a trillion trees and protect the oceans. This afternoon, as a few hundred Davos attendees ate vegetarian fare under a geodesic dome, Benioff interviewed the OpenAI chief executive, Sam Altman, about his vision for the future. Altman, who is investing in fusion power along with artificial intelligence, described a world where energy was cheap and abundant enough to pull huge amounts of carbon from the atmosphere.

Persons: Marc Benioff, Benioff, Sam Altman, Altman Organizations: Economic, Salesforce Locations: Davos

☆ European markets head for mixed open as banking officials at Davos temper rate cut expectations
▼ + stars: | 2024-01-18 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European markets are heading for a mixed open Thursday as investors continue to monitor news and comments from the World Economic Forum in Davos, Switzerland. A number of European central bank officials at Davos have been hawkish about interest rate cuts, warning that despite progress tackling inflation, markets have gotten ahead of themselves in terms of expectations for spring rate cuts.

Organizations: Economic Locations: Davos, Switzerland

☆ Salesforce CEO Marc Benioff says AI can't be 'bad' like social media if it's going to be trusted
▼ + stars: | 2024-01-18 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +2 min

Marc Benioff called for greater public trust in AI in a panel at the World Economic Forum. The Salesforce CEO said he wants people to trust AI — unlike social media over the past decade. Winning public trust in AI will require greater regulation, Benioff said. Benioff also said that social media has been a "shit show," adding: "It's pretty bad — we don't want that in our AI industry." OpenAI CEO Sam Altman spoke at the World Economic Forum in Davos, Switzerland.

Persons: Marc Benioff, Benioff, —, Salesforce, Sam Altman, FABRICE COFFRINI, OpenAI, Altman, wasn't, Einstein, Salesforce didn't Organizations: Economic, Service, CNBC, Bloomberg, Business Locations: Davos, Switzerland, OpenAI

☆ DeepMind's cofounder Mustafa Suleyman warns that AI is a 'fundamentally labor-replacing' tool
▼ + stars: | 2024-01-18 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Mustafa Suleyman said the issue of AI replacing workers is an "open question" in the long term. The Google DeepMind cofounder said AI is a "fundamentally labor-replacing" tool in a CNBC interview. Since ChatGPT launched in 2022, there has been growing concern about AI technology. AdvertisementGoogle DeepMind's cofounder Mustafa Suleyman said AI is an "incredible technology" but that it is a "fundamentally labor-replacing" tool in the long-term, in an interview with CNBC's Squawk Box at the World Economic Forum in Davos on Wednesday . AdvertisementSome workers are concerned that AI will make their jobs obsolete because it can perform tasks like writing and coding .

Persons: Mustafa Suleyman, ChatGPT, —, CNBC's, Suleyman, OpenAI's ChatGPT, there's, Erik Brynjolfsson Organizations: Google, CNBC, Service, Economic, Business, Stanford University Locations: Davos

☆ New Morgan Stanley CEO is 'super bullish' on hitting financial targets
▼ + stars: | 2024-01-18 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Morgan Stanley 's new CEO, Ted Pick, on Thursday expressed confidence his bank will hit financial targets of $10 trillion in client assets and a 20% return. Pick, a three-decade Morgan Stanley veteran who took over this month, said he has three priorities: sticking to the strategy laid out by predecessor James Gorman, maintaining the bank's culture and achieving their targets. Pick's predecessor guided Morgan Stanley in the aftermath of the 2008 financial crisis that nearly capsized the investment bank. "Part of the reason the boss had so much success is he kind of guided the place to a durable narrative instead of the herky-jerky, unpredictable Morgan Stanley," Pick said. The firm's "secret sauce" is in the combination of a leading investment bank with its wealth management operations, he added.

Persons: Morgan Stanley, Ted Pick, James Gorman, Pick, Gorman, Morgan, Goldman Sachs Organizations: CNBC, Economic, Federal Reserve, CNBC PRO Locations: Davos, Switzerland, U.S

☆ Ukraine says one of its 'FrankenSAM' air-defense weapons just recorded its first kill
▼ + stars: | 2024-01-18 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +2 min

This story is available exclusively to Business Insider subscribers. In early December, the Pentagon announced technical assistance "to start local production of some of the FrankenSAM projects." Later that month Kamyshin announced that "FrankenSAM" systems were already in use on the front lines. Kamyshin did not mention what type of weapon was used in the strike, which Business Insider could not independently verify. AdvertisementInexpensive exploding drones have been central to Russia's strategy of bombarding key Ukrainian infrastructure, often forcing Ukraine to counter with more costly air defenses.

Persons: —, Oleksandr Kamyshin, Kamyshin, Volodymyr Zelenskyy, Erin Snodgrass Organizations: Service, Business, Economic, Suspilne, Pentagon, RIM, AIM, Soviet, Patriot, New York Times Locations: Ukraine, Russian, Davos, Switzerland

☆ Ukraine dismisses Trump-Putin relationship, brushes off U.S. election fears
▼ + stars: | 2024-01-18 | by ( Vicky Mckeever | ) www.cnbc.com time to read: +2 min

Minister of Foreign Affairs of Ukraine Dmytro Kuleba attends a joint briefing with Minister of Foreign Affairs of the Netherlands Hanke Bruins Slot. Kuleba said: "So do I believe there is a potential for [Russian President Vladimir] Putin and Trump to agree on something behind Ukraine's back if Trump becomes president? He added that Trump was also the "first to sell lethal weapons to the Ukraine." The U.S. administration continues to push for further funding in Congress to support Ukraine in its war with Russia, which began in Feb. 2022. The U.S. has been a staunch ally of Ukraine throughout the war, supplying more than $75 billion in humanitarian, military and financial support.

Persons: Ukraine Dmytro Kuleba, Dmytro Kuleba, Donald Trump, Kuleba, Vladimir, Putin, Trump, Ukraine's, Steve Sedgwick, Volodymyr Zelenskyy, Biden, Washington's, Joe Biden's Organizations: Foreign Affairs, Netherlands, Bruins, Publishing, Ukraine's, CNBC, Economic, Trump, Republican Party, Ukraine, House Republicans Locations: Ukraine, Davos, Russia, Europe, America, U.S

☆ There will be record CEO turnover this year, says top PwC boss
▼ + stars: | 2024-01-18 | by ( Lakshmi Varanasi | Cadie Thompson | ) www.businessinsider.com time to read: +4 min

Expect to see a record rate of CEO turnover this year, PwC's Tim Ryan said at Davos. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . "We will see more turnover in the C-Suite in the next 12 months than we have ever," Tim Ryan, PwC senior partner, told Business Insider at the World Economic Forum in Davos , Switzerland this week. CEO turnover is already high. AdvertisementCorrection: Thursday, January 18, 2024 — This article has been updated to reflect Tim Ryan's current title, which is senior partner at PwC.

Persons: PwC's Tim Ryan, —, Tim Ryan, PwC, Ryan, you've, You've, isn't, Gray, Chris Licht, GameStop's Matthew Furlong, Jeff Shell, Ron Shaich, Tim Ryan's Organizations: Davos, Service, Economic, NBC, Economic Policy Institute, East Locations: Davos, Switzerland, PwC

☆ Barclays CEO says difference in Labour and Conservative economic policy is 'fairly minimal'
▼ + stars: | 2024-01-18 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

LIVERPOOL, U.K. - Oct. 11, 2023: Britain's main opposition Labour Party leader Keir Starmer applauds a speaker the final day of the annual Labour Party conference in Liverpool, northwest England, on October 11, 2023. Paul Ellis | Afp | Getty ImagesPolitical risk in the U.K. is "far less than it's ever been" as the difference between the ruling Conservative Party and main opposition Labour on economic policy is "fairly minimal," Barclays CEO C.S. The U.K. is set to hold a General Election later this year, and the latest polling consistently suggests a landslide Labour victory, bringing an end to fourteen years of Conservative rule. "I think the political risk in the U.K. is far less than it's ever been," Venkatakrishnan told CNBC at WEF. The difference in economic policies between the two, and they're both striving to say so, are fairly minimal," he said, referencing two former British leaders.

Persons: Keir Starmer applauds, Paul Ellis, Venkatakrishnan, Keir Starmer, Rishi Sunak's, Rachel Reeves, Margaret Thatcher, James Callaghan, Labour's Organizations: LIVERPOOL, Labour Party, Afp, Getty, Conservative Party, Labour, Barclays, C.S, Conservative, Labour's Shadow, Economic, CNBC Wednesday, CNBC, WEF, British Locations: Liverpool, England, Davos, Switzerland

DAVOS, Switzerland (AP) — Israel's president and the head of ChatGPT company OpenAI will make appearances at the World Economic Forum on Thursday, the third day of the annual gathering of elites at the Swiss resort of Davos that discusses everything from conflict to computers and climate. Israeli President Isaac Herzog could seek to return focus on the plight of Israeli hostages held by Hamas since its deadly Oct. 7 raid into Israel. Much of the world's attention has been on rising casualty counts in Gaza as Israeli forces lead a blistering military campaign aimed to quash the armed militants. “Artificial intelligence is now undoubtedly the most important potential contribution for global development," U.N. Secretary-General António Guterres told reporters in Davos on Wednesday, a day when leaders like French President Emmanuel Macron and President Javier Milei of Argentina also showed up. On Wednesday, Iran's foreign minister defended his country's strike on what he claimed was an Israeli intelligence operations site in the autonomous Kurdish region.

Persons: —, OpenAI, Isaac Herzog, António Guterres, Emmanuel Macron, Javier Milei, Sam Altman, Mohammed Shia, Kamala Harris, Doug Emhoff, Masha Macpherson Organizations: Hamas Locations: DAVOS, Switzerland, Swiss, Davos, Israel, Gaza, Argentina, Iraqi, Israeli, Kurdish

☆ CNBC Daily Open: Good data, bad news?
▼ + stars: | 2024-01-18 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Wall Street's other two main indexes also dropped as better-than-expected retail sales data helped lift Treasury yields. Strong retail salesU.S. retail sales came in higher than expected for the last month of 2023 in a sign that holiday shopping picked up. Apple Watch sales banned in U.S. againThe U.S. Court of Appeals for the Federal Circuit reinstated a sales ban on Apple's watches with blood oxygen sensors.

Persons: Dow, Wall, Dow Jones, Jamie Dimon, Dimon, Donald Trump's Organizations: New York Stock Exchange, CNBC, Dow, Davos JPMorgan Chase, Economic, Apple Watch, Appeals, Federal Circuit, Apple Locations: New York City, Davos, Switzerland, U.S

☆ HRH Princess Eugenie and former UK PM Theresa May discuss tackling modern slavery
▼ + stars: | 2024-01-18 | by ( Tania Bryer | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHRH Princess Eugenie and former UK PM Theresa May discuss tackling modern slaveryTania Bryer talks to HRH Princess Eugenie, co-founder of The Anti-Slavery Collective and Theresa May, chair of the Global Commission for Modern Slavery and Human Trafficking and former U.K. prime minister, on the sidelines of the World Economic Forum in Davos. Tania asked them about their shared mission to combat modern slavery and human trafficking which has been estimated to affect fifty million people worldwide.

Persons: Eugenie, Theresa, Tania Bryer, Princess Eugenie, Theresa May, Tania Organizations: Global Commission, Modern, Economic Locations: Davos

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